San Diego-based Breakwater Equity Partners set up a deal that infuses a group of owners with needed capital for three Houston office buildings.

A New York investment firm provided $5 million of equity in exchange for a partial interest in the portfolio, which consists of 16420 Park Ten Place, 1400 Broadfield Boulevard, and 7915 FM 1960.

The money will be used for tenant improvements, leasing commissions, deferred maintenance, capital expenditures, and the buy-out of some owners.

All of the properties were built in 1982, have three to six stories, and range from 67,581 square feet to 102,865 square feet. The 33 tenant-in-common owners purchased the buildings in 2003 for about $35 million.

“Houston is a very strong market and most of the tenant-in-common investors wanted to continue to own these buildings in order to benefit from the rising market,” Bob Fried, one of the owners, said in a statement. “However, we had an urgent need for capital in order to turn around these under-performing assets. This new capital will enable us to revitalize the properties.”

Jack Rose, chief strategist for Breakwater, added: “This has been a difficult process for the owners, involving many complex issues that were new to them. Now that these buildings are financially stable, the owners will be well placed to take advantage of the economic recovery.”